Philip Brown, CEO of Clearstream Banking, discusses the key changes to CSDR Article 5 mandating T+1 by 2027, the complexities of Europe’s multi-jurisdictional market, and the challenges of liquidity, settlement efficiency and collateral management in the transition.
The move, coordinated by Iberclear, aims to harmonise the Spanish market with European standards.
The exchange said the development comes as part of its goal to tackle post-trade fragmentation in Europe and open up new trading and investment opportunities.
Under the tie-up, Northern Trust will integrate the TCS BaNCS global securities platform to standardise settlement processes and enhance operational efficiency.
From March 2025, SIX x-clear’s preferred clearing services will be available for Euronext trades, with Euronext Italy joining by Q2 2025.
Hardware component impacts communication channels, DvP cut-off and penalty mechanisms throughout Thursday causing disruption to Europe's settlement system.
The integration is designed to help reduce settlement failures, facilitate trade compression and improve penalty management.
Bank of England’s director for financial market infrastructure highlights the reduction of costs and risks in shortening the settlement cycle.
The initiative aims to enhance market efficiency by integrating Euronext Clearing into Euroclear’s post-trade infrastructure.
The Code of Conduct includes critical and recommended actions, along with suggested timelines and behavioural commitments surrounding compliance and automation.